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China’s fastener import and export growth trend is still rapid in 2018

2019-11-11

According to customs statistics, in 2018, the total value of China’s foreign trade import and export reached 30.51 trillion yuan, an increase of 9.7% over 2017, and the total value of import and export reached a new high! Among them, the export was 16.42 trillion yuan, up 7.1%; the import was 14.09 trillion yuan, up 12.9%; and the trade surplus was 2.33 trillion yuan, down 18.3%.

It has the following characteristics

First, the annual total value of import and export reached a new level. In 2005, the total value of China’s foreign trade import and export exceeded 10 trillion yuan for the first time; in 2010, it exceeded 20 trillion yuan; in 2018, it reached a new high of more than 30 trillion yuan, 2.7 trillion yuan more than the historical high in 2017. The two is the overall growth of import and export of major trading partners, and the growth of imports and exports along the “belt and road” countries.

In 2018, China’s import and export to the top three trading partners, the EU, the United States and ASEAN increased by 7.9%, 5.7% and 11.2% respectively, accounting for 41.2% of China’s total import and export value. The potential of trade cooperation between China and the countries along the belt is continuing to be released, and it has become a new driving force for the development of China’s foreign trade. Among them, imports and exports to Russia, Saudi Arabia and Greece increased by 24%, 23.2% and 33%, respectively. Third, the import and export of private enterprises increased and their proportion increased.

In 2018, the import and export of China’s private enterprises reached 12.1 trillion yuan, an increase of 12.9%, accounting for 39.7% of China’s total import and export value. Private enterprises have contributed more than 50% to the growth of foreign trade import and export, becoming a highlight of foreign trade development in 2018. Fourth, the growth rate of import and export in the central and western regions and Northeast China is higher than that of the whole country, and regional development is more coordinated.

In 2018, the growth rate of foreign trade in 12 western provinces and cities was 16.1%, 6.4 percentage points higher than the national growth rate; the growth rate of foreign trade in 6 central provinces and cities was 11.4%, 1.7 percentage points higher than the national growth rate; the growth rate of foreign trade in three northeastern provinces and provinces was 14.8%, 5.1 percentage points higher than the national growth rate; the growth rate of foreign trade in 10 eastern provinces and cities was 8.8%. Fifth, the export share of mechanical and electrical products increased, and the export commodity structure continued to optimize.

In 2018, China’s export of mechanical and electrical products reached 9.65 trillion yuan, an increase of 7.9%, accounting for 58.8% of China’s total export value, 0.4 percentage points higher than that in 2017. Among them, automobile export increased by 8.3% and mobile phone export by 9.8%.

Import and export of fasteners in 2018

According to the collected customs data, in 2018, the total value of China’s fastener exports was about US $5.896 billion, a year-on-year increase of 16.66%; the export volume was about 3.068 million tons, a year-on-year increase of 3.36%. The top three export fastener products are: other screws and bolts with tensile strength below 800 MPa; nuts; other screws and bolts with tensile strength above 800 MPa. The details are as follows:

Trade name

Quantity / kg

Amount / USD

Square head screw

12,316,924

18,907,837

Wood screw

89,810,410

136,855,619

Self tapping screw

13,246,051

29,975,264

Other screws and bolts

263,659,329

540,329,789

Nut

547,890,765

2,094,574,623

Other threaded products

280,687,456

495,948,752

Washer

192,007,893

383,508,641

rivet

15,345,805

54,480,423

According to the statistics of customs data, in 2018, China exported 641634 tons of fasteners to the United States, a year-on-year increase of 7.69%, accounting for 21.34% of the total exports; the export amount was US $1.25 billion, a year-on-year increase of 20.50%, accounting for 21.28% of the total exports.

It can be seen that China’s export of fasteners to the United States in 2018 is still quite ideal. The reason for this is estimated to be related to the tariff imposed by the United States on China. In order to “rush to export”, enterprises rush to ship ahead of the tariff.

In terms of imports, the total value of China’s fastener imports in 2018 was US $3.010 billion, a year-on-year decrease of 3.55%; the import volume was about 297600 tons, a year-on-year decrease of 7.76%.

Under the explicit support of national policies and the pressure of market, in recent years, enterprises have taken the initiative to innovate and upgrade, adjust product structure, increase investment and improve technical level, so as to cope with different demand levels and increasingly fierce competition in overseas market.

From the feedback of enterprises, with the improvement of product quality and continuous progress of technology in China, the resistance encountered in the international market is growing. This is because Chinese enterprises move from the low-end of the supply chain to the middle and high-end, which means that they have entered the core competitive area of the international market. The impact of the existing competition pattern, with Europe, the United States, Japan and other traditional market controllers competition, will inevitably lead to their conflict. But in the long run, this will only make our enterprises pay more attention to quality and technology, and adjust the internal management mode, and connect with the international market.

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